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Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
(Expressed in thousands of U.S. Dollars)
Three Months Ended September 30, 2023InternationalBermudaCorporateTotal
Gross premiums written$307,140 $166,983 $— $474,123 
Net premiums written$234,621 $148,945 $— $383,566 
Net premiums earned$178,632 $158,404 $— $337,036 
Third party fee income2,115 186 — 2,301 
Losses and loss adjustment expenses97,820 93,757 — 191,577 
Acquisition costs47,236 31,301 — 78,537 
Other underwriting expenses31,634 12,723 — 44,357 
Underwriting income (loss)$4,057 $20,809 $— $24,866 
Net realized and unrealized gains (losses) on investments47,343 47,343 
Net investment income (loss)8,069 8,069 
Other income (loss), excluding third party fee income85 85 
Net foreign exchange gains (losses)1,432 1,432 
Corporate expenses(18,678)(18,678)
Amortization of intangible assets(2,794)(2,794)
Interest expense(5,288)(5,288)
Net income (loss) before tax55,035 
Income tax expense(2,387)(2,387)
Net income (loss)52,648 
Net income (loss) attributable to non-controlling interest9,065 9,065 
Net income (loss) attributable to common shareholders$43,583 
Key Ratios
Attritional loss ratio - current year54.6 %55.1 %54.8 %
Attritional loss ratio - prior year development(5.3)%5.7 %(0.1)%
Catastrophe loss ratio - current year5.1 %2.6 %3.9 %
Catastrophe loss ratio - prior year development0.4 %(4.2)%(1.8)%
Loss and loss adjustment expense ratio54.8 %59.2 %56.8 %
Acquisition cost ratio26.4 %19.8 %23.3 %
Other underwriting expense ratio16.5 %7.9 %12.5 %
Combined ratio97.7 %86.9 %92.6 %
(Expressed in thousands of U.S. Dollars)
Three Months Ended September 30, 2022InternationalBermudaCorporateTotal
Gross premiums written$269,228 $131,583 $— $400,811 
Net premiums written$184,319 $116,492 $— $300,811 
Net premiums earned$156,307 $138,636 $— $294,943 
Third party fee income3,138 106 — 3,244 
Losses and loss adjustment expenses92,061 165,902 — 257,963 
Acquisition costs41,936 23,799 — 65,735 
Other underwriting expenses26,811 13,753 — 40,564 
Underwriting income (loss)$(1,363)$(64,712)$— $(66,075)
Net realized and unrealized gains (losses) on investments(67,380)(67,380)
Net investment income (loss)(5,255)(5,255)
Other income (loss), excluding third party fee income(517)(517)
Net foreign exchange gains (losses)1,906 1,906 
Corporate expenses(5,780)(5,780)
Amortization of intangible assets(3,178)(3,178)
Interest expense(4,102)(4,102)
Net income (loss) before tax(150,381)
Income tax expense(1,054)(1,054)
Net income (loss)(151,435)
Net income (loss) attributable to non-controlling interest(15,318)(15,318)
Net income (loss) attributable to common shareholders$(136,117)
Key Ratios
Attritional loss ratio - current year46.7 %53.0 %49.6 %
Attritional loss ratio - prior year development(0.1)%21.7 %10.2 %
Catastrophe loss ratio - current year11.9 %46.8 %28.3 %
Catastrophe loss ratio - prior year development0.4 %(1.8)%(0.6)%
Loss and loss adjustment expense ratio58.9 %119.7 %87.5 %
Acquisition cost ratio26.8 %17.2 %22.3 %
Other underwriting expense ratio15.2 %9.8 %12.7 %
Combined ratio100.9 %146.7 %122.5 %
(Expressed in thousands of U.S. Dollars)
Nine Months Ended September 30, 2023InternationalBermudaCorporateTotal
Gross premiums written$832,049 $685,198 $— $1,517,247 
Net premiums written$553,687 $563,085 $— $1,116,772 
Net premiums earned$504,784 $447,614 $— $952,398 
Third party fee income7,417 336 — 7,753 
Losses and loss adjustment expenses255,787 263,767 — 519,554 
Acquisition costs131,688 88,844 — 220,532 
Other underwriting expenses89,635 36,607 — 126,242 
Underwriting income (loss)$35,091 $58,732 $— $93,823 
Net realized and unrealized gains (losses) on investments101,881 101,881 
Net investment income (loss)17,719 17,719 
Other income (loss), excluding third party fee income85 85 
Net foreign exchange gains (losses)(3,953)(3,953)
Corporate expenses(31,833)(31,833)
Amortization of intangible assets(7,869)(7,869)
Interest expense(16,007)(16,007)
Net income (loss) before tax153,846 
Income tax expense(6,908)(6,908)
Net income (loss)146,938 
Net income (loss) attributable to non-controlling interest15,076 15,076 
Net income (loss) attributable to common shareholders$131,862 
Key Ratios
Attritional loss ratio - current year52.6 %50.8 %51.8 %
Attritional loss ratio - prior year development(4.3)%4.0 %(0.4)%
Catastrophe loss ratio - current year2.2 %5.4 %3.7 %
Catastrophe loss ratio - prior year development0.2 %(1.3)%(0.5)%
Loss and loss adjustment expense ratio50.7 %58.9 %54.6 %
Acquisition cost ratio26.1 %19.8 %23.2 %
Other underwriting expense ratio16.3 %8.1 %12.4 %
Combined ratio93.1 %86.8 %90.2 %
(Expressed in thousands of U.S. Dollars)
Nine Months Ended September 30, 2022InternationalBermudaCorporateTotal
Gross premiums written$698,968 $606,453 $— $1,305,421 
Net premiums written$446,577 $491,911 $— $938,488 
Net premiums earned$450,202 $381,265 $— $831,467 
Third party fee income9,022 355 — 9,377 
Losses and loss adjustment expenses249,840 347,174 — 597,014 
Acquisition costs122,593 72,202 — 194,795 
Other underwriting expenses82,256 37,100 — 119,356 
Underwriting income (loss)$4,535 $(74,856)$— $(70,321)
Net realized and unrealized gains (losses) on investments146,640 146,640 
Net investment income (loss)(22,185)(22,185)
Other income (loss), excluding third party fee income(260)(260)
Net foreign exchange gains (losses)15,382 15,382 
Corporate expenses(15,934)(15,934)
Amortization of intangible assets(9,874)(9,874)
Interest expense(11,255)(11,255)
Net income (loss) before tax32,193 
Income tax expense(3,103)(3,103)
Net income (loss)29,090 
Net income (loss) attributable to non-controlling interest68,069 68,069 
Net income (loss) attributable to common shareholders$(38,979)
Key Ratios
Attritional loss ratio - current year47.4 %52.1 %49.5 %
Attritional loss ratio - prior year development(3.5)%7.2 %1.4 %
Catastrophe loss ratio - current year10.5 %37.0 %22.7 %
Catastrophe loss ratio - prior year development1.1 %(5.2)%(1.8)%
Loss and loss adjustment expense ratio55.5 %91.1 %71.8 %
Acquisition cost ratio27.2 %18.9 %23.4 %
Other underwriting expense ratio16.3 %9.6 %13.3 %
Combined ratio99.0 %119.6 %108.5 %
Summary of Revenue from External Customers by Geographic Areas
The following table presents gross premiums written by the geographical location of the Company's subsidiaries for the three and nine months ended September 30, 2023 and 2022:

Three Months EndedNine Months Ended
September 30,September 30,
(Expressed in thousands of U.S. Dollars)2023202220232022
International
Lloyd's of London$189,155 $145,940 $507,326 $417,286 
Ireland96,272 110,263 271,002 255,539 
U.S.21,713 13,025 53,721 26,143 
Total International307,140 269,228 832,049 698,968 
Bermuda166,983 131,583 685,198 606,453 
Total$474,123 $400,811 $1,517,247 $1,305,421